Alerus Financial Corporation (ALRS) Balance Sheet
ALRS balance sheet, 2025
December 31, 2025 · U.S. dollars$5.23B assets = $4.67B liabilities + $564.9M equity
Both columns are drawn to the same scale: what ALRS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ALRS financial health
Descriptive bands, not a rating. Fiscal 2025.
ALRS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.05B2016 | $5.23B2025 | +11.0%/yr | |
| Total liabilities | $1.88B2016 | $4.67B2025 | +10.6%/yr | |
| Shareholders’ equity | $168.8M2016 | $564.9M2025 | +14.4%/yr | |
| Cash & short-term investments | $484.3M2016 | $69.0M2025 | −19.5%/yr | |
| Total debt | $59.5M2016 | $440.5M2025 | +24.9%/yr | |
| Net cash (debt) | $424.8M2016 | −$371.6M2025 | −$796.4M | |
| Working capital | −$1.31B2016 | −$219.9M2025 | +$1.1B | |
| Book value per share | $12.062016 | $21.982025 | +6.9%/yr | |
| Debt / equity | 0.352016 | 0.782025 | +0.43 | |
| Shares outstanding | 14.0M2016 | 25.7M2025 | +7.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ALRS assets
ALRS liabilities and equity
ALRS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ALRS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $69.0M | $652.6M | $616.6M | $775.6M | $1.10B | $765.3M | $454.4M | $290.8M | $389.0M | $484.3M |
| Cash & equivalents | $67.2M | $61.2M | $129.9M | $58.2M | $242.3M | $173.0M | $144.0M | $40.7M | $122.0M | $207.4M |
| Short-term investments | $1.8M | $591.4M | $486.7M | $717.3M | $853.6M | $592.3M | $310.4M | $250.2M | $267.0M | $277.0M |
| Receivables | $21.7M | $56.3M | $57.3M | $48.1M | $32.3M | $23.8M | $20.8M | $21.7M | $26.6M | $24.5M |
| Inventory | $0 | $0 | $106.8M | −$77.9M | −$280.8M | −$201.6M | −$170.0M | $204,000 | $446,000 | $1.7M |
| Other current assets | $0 | $7.7M | $0 | $84.7M | $286.1M | $206.3M | $175.2M | $5.0M | $6.0M | $1.1M |
| Total current assets | $88.9M | $716.7M | $679.7M | $830.4M | $1.13B | $793.9M | $480.3M | $317.7M | $422.1M | $511.7M |
| Property, plant & equipment (net) | $72.0M | $53.2M | $23.4M | $22.7M | $22.1M | $27.2M | $29.0M | $21.7M | $21.2M | $24.3M |
| Goodwill & intangible assets | $119.0M | $137.4M | $66.0M | $72.2M | $53.6M | $58.1M | $49.6M | $54.4M | $59.1M | $64.8M |
| Long-term investments | $770.3M | $867.0M | $786.3M | $1.04B | $1.21B | $2.66B | $313.2M | $255.0M | $274.8M | $279.4M |
| Other non-current assets | $4.18B | $3.49B | $2.35B | $1.82B | $977.7M | $0 | $1.48B | $1.53B | $1.36B | $1.17B |
| Total assets | $5.23B | $5.26B | $3.91B | $3.78B | $3.39B | $3.01B | $2.36B | $2.18B | $2.14B | $2.05B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $64.5M | $2.92B | $45.0M | $1.97B | $1.78B | $1.83B | $1.79B |
| Short-term debt | $308.8M | $239.0M | $314.2M | $378.1M | $1.9M | $2.0M | $2.4M | $93.5M | $30.0M | $729,000 |
| Deferred revenue | — | — | — | $42.4M | — | — | — | — | — | — |
| Total current liabilities | $308.8M | $4.62B | $3.41B | $3.36B | $2.97B | $2.62B | $2.00B | $1.90B | $1.90B | $1.82B |
| Long-term debt | $59.2M | $59.1M | $59.0M | $58.8M | $58.9M | $58.7M | $58.8M | $58.8M | $58.8M | $58.8M |
| Lease obligations | $36.3M | $19.0M | $5.8M | $5.9M | $4.3M | $7.9M | $9.5M | $870,000 | $1.0M | $1.2M |
| Other long-term liabilities | $3.38B | $89.8M | $69.8M | $5.9M | $4.3M | $7.9M | $8.9M | $24.2M | $0 | $0 |
| Total liabilities | $4.67B | $4.77B | $3.54B | $3.42B | $3.03B | $2.68B | $2.07B | $1.98B | $1.96B | $1.88B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $25.4M | $25.3M | $19.7M | $20.0M | $17.2M | $17.1M | $17.1M | $13.8M | $13.7M | $13.5M |
| Retained earnings (deficit) | $270.1M | $273.7M | $272.7M | $280.4M | $253.6M | $212.2M | $178.1M | $159.0M | $142.0M | $133.3M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | −$2.2M | −$73.4M | −$73.7M | −$98.6M | −$4.3M | $10.6M | $1.9M | −$3.6M | −$1.1M | −$1.9M |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $564.9M | $495.4M | $369.1M | $356.9M | $359.4M | $330.2M | $285.7M | $197.0M | $180.6M | $168.8M |
| Key figures | ||||||||||
| Total debt | $440.5M | $317.0M | $378.9M | $442.8M | $63.2M | $66.6M | $67.6M | $152.3M | $88.8M | $59.5M |
| Net cash (debt) | −$371.6M | $335.6M | $237.8M | $332.7M | $1.03B | $698.7M | $386.7M | $138.5M | $300.2M | $424.8M |
| Working capital | −$219.9M | −$3.90B | −$2.73B | −$2.53B | −$1.84B | −$1.82B | −$1.52B | −$1.58B | −$1.48B | −$1.31B |
| Tangible book value | $445.9M | $358.0M | $303.1M | $284.7M | $305.8M | $272.1M | $236.2M | $142.5M | $121.4M | $104.0M |
| Book value per share | $21.98 | $23.24 | $18.33 | $18.90 | $20.55 | $18.93 | $18.93 | $14.01 | $12.89 | $12.06 |
| Shares outstanding | 25.7M | 21.3M | 20.1M | 18.9M | 17.5M | 17.4M | 15.1M | 14.1M | 14.0M | 14.0M |
| Current ratio | 0.29 | 0.16 | 0.20 | 0.25 | 0.38 | 0.30 | 0.24 | 0.17 | 0.22 | 0.28 |
| Quick ratio | 0.29 | 0.15 | 0.20 | 0.25 | 0.38 | 0.30 | 0.24 | 0.16 | 0.22 | 0.28 |
| Debt / equity | 0.78 | 0.64 | 1.03 | 1.24 | 0.18 | 0.20 | 0.24 | 0.77 | 0.49 | 0.35 |
| Equity / assets | 10.8% | 9.4% | 9.4% | 9.4% | 10.6% | 11.0% | 12.1% | 9.0% | 8.4% | 8.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $109.0M | $128.8M | $69.0M | $624.5M | $623.7M | $653.8M | $652.6M | $534.7M | $897.5M | $1.02B | $616.6M | $704.7M |
| Cash & equivalents | $109.0M | $128.8M | $67.2M | $92.0M | $80.9M | $83.0M | $61.2M | $66.0M | $438.1M | $545.8M | $129.9M | $64.7M |
| Short-term investments | $479.7M | $480.6M | $1.8M | $532.4M | $542.8M | $570.8M | $591.4M | $468.7M | $459.3M | $472.3M | $486.7M | $640.0M |
| Receivables | $20.2M | $20.5M | $21.7M | $21.6M | $20.9M | $20.5M | $56.3M | $16.5M | $16.9M | $16.1M | $57.3M | $15.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$82.4M | −$455.0M | −$561.9M | $65.2M | −$80.3M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $7.7M | $82.4M | $455.0M | $561.9M | $0 | $80.3M |
| Total current assets | $129.2M | $149.3M | $88.9M | $646.1M | $644.6M | $674.3M | $716.7M | $551.2M | $914.4M | $1.03B | $679.7M | $720.3M |
| Property, plant & equipment (net) | $118.8M | $76.6M | $72.0M | $74.3M | $55.2M | $53.7M | $53.2M | $28.1M | $22.2M | $23.3M | $23.4M | $23.2M |
| Goodwill & intangible assets | $115.1M | $117.0M | $119.0M | $128.1M | $131.3M | $134.2M | $137.4M | $61.8M | $63.3M | $64.6M | $66.0M | $67.5M |
| Long-term investments | $777.2M | $771.3M | $770.3M | $791.6M | $806.5M | $839.4M | $867.0M | $750.6M | $748.7M | $768.8M | $786.3M | $943.3M |
| Other non-current assets | $4.15B | $4.17B | $4.18B | $3.69B | $3.69B | $3.64B | $3.49B | $2.69B | $2.61B | $2.45B | $2.35B | $2.11B |
| Total assets | $5.29B | $5.29B | $5.23B | $5.33B | $5.32B | $5.34B | $5.26B | $4.08B | $4.36B | $4.34B | $3.91B | $3.87B |
| Liabilities | ||||||||||||
| Short-term debt | $345.0M | $200.0M | $308.8M | $200.0M | $314.6M | $200.0M | $239.0M | $244.7M | $200.0M | $200.0M | $314.2M | $515.5M |
| Total current liabilities | $345.0M | $200.0M | $308.8M | $4.61B | $4.65B | $4.69B | $4.62B | $3.57B | $3.50B | $3.48B | $3.41B | $3.45B |
| Long-term debt | $59.2M | $59.2M | $59.2M | $59.2M | $59.1M | $59.1M | $59.1M | $59.0M | $414.0M | $414.0M | $59.0M | $58.9M |
| Lease obligations | $42.8M | $42.6M | $36.3M | $36.9M | $18.0M | $18.5M | $19.0M | $9.6M | $5.2M | $5.4M | $5.8M | $6.3M |
| Other long-term liabilities | $4.30B | $4.45B | $3.38B | $108.1M | $79.5M | $81.0M | $89.8M | $70.9M | $72.8M | $67.5M | $69.8M | $6.3M |
| Total liabilities | $4.71B | $4.71B | $4.67B | $4.78B | $4.79B | $4.83B | $4.77B | $3.70B | $3.99B | $3.97B | $3.54B | $3.52B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $25.0M | $25.2M | $25.4M | $25.4M | $25.4M | $25.4M | $25.3M | $19.8M | $19.8M | $19.8M | $19.7M | $19.8M |
| Retained earnings (deficit) | $303.1M | $287.7M | $270.1M | $308.5M | $296.9M | $282.0M | $273.7M | $278.9M | $277.6M | $275.4M | $272.7M | $291.2M |
| Accumulated other comprehensive income | −$5.0M | −$4.2M | −$2.2M | −$54.3M | −$59.8M | −$63.3M | −$73.4M | −$63.4M | −$75.0M | −$74.3M | −$73.7M | −$113.5M |
| Total shareholders' equity | $583.1M | $574.7M | $564.9M | $550.7M | $533.2M | $514.2M | $495.4M | $386.5M | $373.2M | $371.6M | $369.1M | $349.4M |
| Key figures | ||||||||||||
| Total debt | $447.0M | $301.8M | $440.5M | $296.1M | $391.7M | $277.6M | $317.0M | $313.4M | $619.2M | $619.4M | $378.9M | $580.7M |
| Net cash (debt) | −$338.0M | −$173.0M | −$371.6M | $328.4M | $232.0M | $376.1M | $335.6M | $221.3M | $278.3M | $398.6M | $237.8M | $124.0M |
| Working capital | −$215.8M | −$50.7M | −$219.9M | −$3.97B | −$4.01B | −$4.01B | −$3.90B | −$3.02B | −$2.58B | −$2.45B | −$2.73B | −$2.73B |
| Tangible book value | $468.1M | $457.7M | $445.9M | $422.6M | $401.9M | $380.1M | $358.0M | $324.6M | $310.0M | $307.0M | $303.1M | $281.9M |
| Book value per share | $22.96 | $22.63 | $22.24 | $21.42 | $20.78 | $20.05 | $19.70 | $19.25 | $18.61 | $18.59 | $18.46 | $17.39 |
| Shares outstanding | 25.4M | 25.4M | 25.4M | 25.7M | 25.7M | 25.7M | 25.1M | 20.1M | 20.1M | 20.0M | 20.0M | 20.1M |
| Current ratio | 0.37 | 0.75 | 0.29 | 0.14 | 0.14 | 0.14 | 0.16 | 0.15 | 0.26 | 0.30 | 0.20 | 0.21 |
| Quick ratio | 0.37 | 0.75 | 0.29 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.26 | 0.30 | 0.20 | 0.21 |
| Debt / equity | 0.77 | 0.53 | 0.78 | 0.54 | 0.73 | 0.54 | 0.64 | 0.81 | 1.66 | 1.67 | 1.03 | 1.66 |
| Equity / assets | 11.0% | 10.9% | 10.8% | 10.3% | 10.0% | 9.6% | 9.4% | 9.5% | 8.6% | 8.6% | 9.4% | 9.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 4, 2026); data from EODHD.
ALRS financial position
At the end of fiscal 2025 (December 31, 2025), Alerus Financial had total assets of $5.2 billion (down 0.6% from a year earlier), total liabilities of $4.7 billion and shareholders' equity of $564.9 million. It held $69.0 million in cash and short-term investments against $440.5 million of debt, net debt of $371.6 million. Its current ratio was 0.29. In the latest quarter (ended June 30, 2026) total assets were $5.3 billion and equity $583.1 million.
Related: ALRS income statement, ALRS cash flow statement, ALRS key metrics. See the ALRS stock overview for the latest quote and news.
ALRS balance sheet FAQ
What are Alerus Financial's total assets?
Alerus Financial reported total assets of $5.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.3 billion a year earlier.
How much debt does Alerus Financial have?
Alerus Financial had $440.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.78.
How much cash does Alerus Financial have?
Alerus Financial held $69.0 million in cash and short-term investments at the end of fiscal 2025; with $440.5 million of debt that is net debt of $371.6 million.
What is Alerus Financial's book value?
Alerus Financial's shareholders' equity (book value) was $564.9 million at the end of fiscal 2025, or $21.98 per share.
What is Alerus Financial's current ratio?
Alerus Financial had current assets of $88.9 million and current liabilities of $308.8 million, a current ratio of 0.29 (current liabilities exceed current assets).
How much goodwill does Alerus Financial have?
Alerus Financial carried $119.0 million of goodwill and intangible assets, 2.3% of total assets, at the end of fiscal 2025.